Section 745 - Books and records; reinsurance intermediary-brokers1.Records required. For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing: A. The type of contract, limits, underwriting restrictions, classes of risks and territory; [1991, c. 828, §20(NEW).]B. Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation; [1991, c. 828, §20(NEW).]C. Reporting and settlement requirements of balances; [1991, c. 828, §20(NEW).]D. Rate used to compute the reinsurance premium; [1991, c. 828, §20(NEW).]E. Names and addresses of assuming reinsurers; [1991, c. 828, §20(NEW).]F. Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker; [1991, c. 828, §20(NEW).]G. Related correspondence and memoranda; [1991, c. 828, §20(NEW).]H. Proof of placement; [1991, c. 828, §20(NEW).]I. Details regarding retrocessions handled by the reinsurance intermediary-broker, including the identity of retrocessionaires and percentage of each contract assumed or ceded; [1991, c. 828, §20(NEW).]J. Financial records, including, but not limited to, premium and loss accounts; and [1991, c. 828, §20(NEW).]K. When the reinsurance intermediary-broker procures a reinsurance contract on behalf of a licensed ceding insurer: (1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or(2) Placed through a representative of the assuming reinsurer that is not an employee, written evidence that the reinsurer has delegated binding authority to the representative. [1991, c. 828, §20(NEW).] [1991, c. 828, §20(NEW).]
2.Access. The insurer must have access and may copy and audit all accounts and records maintained by the reinsurance intermediary-broker related to its business in a form usable by the insurer. [1991, c. 828, §20(NEW).]
1991, c. 828, § 20 (NEW) .